Oil markets remain on edge despite Saudi Arabia and Russia's recent decision to extend output cuts through August. Heavy sour crude barrels continue to be in short supply and at multiyear highs amid buybacks from the Strategic Petroleum Reserve and higher Saudi Arabian selling prices for export grades.

The extended output cuts have provided a floor for uncertain crude prices, but macroeconomic concerns have grown as analysts fear what the supply cuts could mean for interest rates. Oil markets will be looking for direction from an address by the Federal Reserve vice chair on Monday.

As showers and heat bring humidity to the Southeast US, balance-of-the-month power prices remain significantly elevated. But August could bring relief, as power and natural gas forward traders have moved most power indexes down about 1% so far.

Conversely, US coal markets are more stable as low natural gas prices discourage fuel switching. With Henry Hub prices under $3/MMBtu and utility coal stockpiles at a multiyear high, spot coal demand has been muted and prices rangebound.

Through a new proposal, the Environmental Protection Agency aims to modify the greenhouse gas emissions reporting requirements for the oil and gas sector. The changes would address gaps in the total methane emissions reported by facilities, and help align the existing program with the Methane Emissions Reduction Program under the Inflation Reduction Act.

I'm Kassia Micek. Thanks for kicking off your Monday with S&P Global Commodity Insights.